Banking Politics & Policy News
American Banker's Politics & Policy coverage delivers news and analysis on how legislative action, federal agency rulemaking, regulatory politics, and public policy debates shape banking strategy, risk, competition, and compliance. Coverage explores congressional priorities, executive branch initiatives, regulatory agency actions, and the political forces that shape and impact the operating environment for financial institutions, payments companies, fintechs and distributed finance companies.
Bank leaders must navigate a dynamic policy environment where congressional action, regulatory priorities, and political forces influence capital standards, supervisory expectations, digital asset frameworks, deposit insurance, consumer rules, and competitive dynamics.
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The levy targets large financial institutions as a source of revenue. Industry groups argued that it discriminates against out-of-state banks, but the Washington Supreme Court disagreed.
October 3
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If Congress fails to resolve the partisan stalemate by a crucial Oct. 18 deadline, the consequences for the financial industry may be higher borrowings costs, reduced credit supply and plummeting Treasury bond values.
October 1
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Rohit Chopra, a liberal consumer watchdog, was approved as the agency’s director nine months after the Biden administration first announced him as the nominee.
September 30
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Clothilde Hewlett, executive director and chief legal officer of the Cal Alumni Association, would succeed Manny Alvarez, who stepped down in June.
September 30
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The Federal Reserve chairman told lawmakers that the central bank wouldn't try to block other cryptocurrency providers if it decides to issue a digital dollar. At the same hearing, Treasury Secretary Janet Yellen continued to defend a proposal requiring banks to report customer account information to the IRS.
September 30
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Criticism from banking and other business groups of Saule Omarova’s candidacy could make it difficult for moderate Democrats to support President Biden's pick to lead the Office of the Comptroller of the Currency.
September 29
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With Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell testifying, GOP senators expressed opposition to a proposal that would require financial institutions to report account data to the IRS. Lawmakers also weighed in on Powell’s job security.
September 28
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Efforts by individual states to rewrite existing rules governing interstate bank lending risk throwing the entire system into chaos. Only Congress has the ability to reestablish a workable set of national rules.
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The new law's reciprocal and custodial deposit provisions recognize what the evidence has shown for two decades. They should spur, not substitute for, the broader work of protecting America's depositors.
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As written, new capital standards for U.S. banks fail to account for the additional risk posed by many home loan clients who obtain second mortgages. Fixing the problem will significantly reduce the rule's benefit to banks.
